Trump names interim consumer agency head, likely sparking showdown

25/11/2017

"The Consumer Bureau has stood on the side of consumers to see that they are treated fairly, worked to improve their economic circumstances, and held financial institutions accountable to the basic principle that every consumer counts", Cordray wrote.

President Donald Trump named White House Office of Management and Budget Director Mick Mulvaney as the temporary head of the Consumer Financial Protections Bureau (CFPB) Friday evening.

English, who replaces acting deputy director David Silberman, had been named chief of staff in January.

Earlier this month, White House deputy press secretary Raj Shah said that the administration "will announce an acting director and the president's choice to replace Mr Cordray at the appropriate time".

Cordray on Friday promoted longtime CFPB staffer Leandra English to the position of deputy director, just minutes before he announced that Friday would be his last day.

Republicans have long complained that the CFPB is too independent and too hard on the banking industry. In addition, the CFPB is funded by the Federal Reserve and not Congress. Under a provision of the 2010 Dodd-Frank Act, which created the CFPB, the deputy director would serve as acting director of the bureau until a new director was confirmed by.

The action came hours after Richard Cordray submitted his formal resignation and named a deputy director as his replacement, setting the stage for a political and legal battle over the regulator's leadership. The CFPB was responsible for levying a $100 million fine against Wells Fargo past year after the bank created millions of fake accounts under consumers' names. We need a vigilant watchdog to make sure consumer finance markets work in the public interest, and Cordray skillfully carried out the CFPB's statutory mission to do exactly that.

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